A condo mortgage in Virginia works like a standard home loan with one extra approval: the loan has to be approved for you and for the building. That second review can change your rate, your down payment, and whether you can close at all. Duane Buziak, NMLS #1110647, is a soft pull mortgage broker who finances condos for buyers in Virginia, Florida, Tennessee, Georgia, DC, North Carolina, South Carolina, and Maryland. This guide covers how project approval works, which loan programs fit a condo, a worked payment example with HOA dues, and how a NoTouch Credit Pull (a soft-pull pre-approval that does not trigger a hard inquiry) lets you compare options with no credit hit.
Is LowerMortgageRates the same as Lower.com?
No. LowerMortgageRates.com is operated by Duane Buziak Mortgage Maestro and Coast2Coast Mortgage LLC, and it is unaffiliated with Lower.com. The two share a similar name, but they are separate businesses.
The structural difference is simple. Duane Buziak is a mortgage broker who shops hundreds of wholesale lenders for each file. Lower.com is a separate direct lender that offers its own loan products. Neither model is wrong, and which one fits depends on the loan. For condos, the broker model matters because project approval standards differ from one wholesale lender to the next.
The name overlap is why people searching “Lower” end up on the wrong site. If you are unsure who you are dealing with, look up any loan officer, including Duane, on NMLS Consumer Access. The federal registry shows license status, employer, and the states where a person can originate loans. Duane Buziak’s NMLS number is #1110647. A mismatch between the name, the NMLS number, and the company is a signal to stop and verify before you share documents.
How does a condo mortgage in Virginia differ from a single-family loan?
The lender underwrites both you and the condo project. The building’s finances, owner-occupancy mix, and litigation status all affect approval and pricing, and none of them show up on a single-family loan.
A few terms drive most of the differences:
- Project approval: the review of the building or community itself, not just your unit.
- Condo questionnaire: a form the HOA or its management company completes. It reports reserves, delinquent dues, pending lawsuits, the share of owner-occupied units, and commercial space in the building.
- Warrantable condo: a project that meets Fannie Mae and Freddie Mac standards, so the loan can be sold to them. Conventional pricing is usually most straightforward here.
- Non-warrantable condo: a project that fails one or more standards, such as heavy investor ownership, an active lawsuit, or thin reserves. Financing is still possible, but the loan options narrow.
- HOA dues in debt-to-income (DTI): monthly dues count as a housing expense alongside principal, interest, taxes, and insurance, so a high fee reduces how much you can borrow.
Fannie Mae publishes its project eligibility rules in the Fannie Mae Selling Guide, under its condo project standards. Reserve requirements, owner-occupancy thresholds, and litigation rules are updated periodically, so check the current version rather than relying on an older summary.
The most common mistake is falling for a unit before anyone confirms the project is financeable. A buyer who is pre-approved for $315,000 can still lose the deal if the building has a pending lawsuit or low reserves. Ask the listing agent for the HOA budget and the condo questionnaire early, ideally before you write an offer.
Which loan programs finance a Virginia condo?
Conventional, FHA, and VA loans can all finance a condo if the project meets that program’s rules. USDA applies only in eligible rural areas. Not every condo qualifies for every program, which is the misconception that causes the most failed contracts.
FHA and VA
FHA requires the project to appear on HUD’s list of approved condominiums, or to qualify through a single-unit approval process. HUD maintains condominium project approval resources on HUD.gov, including a search tool for approved projects. Rules and the lookup process change, so confirm both as of 2026 before you assume a building qualifies.
VA loans require a VA-approved project. The VA home loan resources on VA.gov explain eligibility and how to confirm a project’s status. Confirm the current lookup process with your broker, because a building’s approval can lapse or change. A VA cash-out refinance can reach up to 100% loan-to-value, while a conventional cash-out refinance caps at 90%. Those are separate programs with separate rules.
Conventional and non-warrantable options
Conventional loans follow conforming limits set by the Federal Housing Finance Agency. For 2026, the FHFA baseline limit is $806,500, with a high-cost ceiling of $1,249,125. County limits vary within Virginia, and parts of Northern Virginia sit in higher-limit areas, so check the specific county for your condo.
If a project is non-warrantable, some wholesale lenders still offer financing. As of 2026, expect these loans to differ from standard conventional condo loans, often with a larger down payment, a higher rate, or tighter reserve requirements. The exact terms depend on the lender, the project, and your file, so treat any figure you see online as a starting point, not a quote.
What does a condo’s HOA fee and rate difference cost per month?
A small rate change plus HOA dues can move your total monthly housing cost by hundreds of dollars. The numbers below are an illustration with assumed rates, not a quote.
Suppose you buy a $350,000 condo with 10% down ($35,000), leaving a $315,000 30-year fixed loan. Using the standard amortization formula:
- At an illustrative 6.500%, principal and interest is about $1,991 per month.
- At an illustrative 6.875%, principal and interest is about $2,069 per month.
- The gap is about $78 per month, or roughly $28,000 over the full 30 years (about $78 times 360 payments).
Now add the costs that come with a condo. Assume a $400 monthly HOA fee, about $250 per month in property taxes, and about $50 per month for an HO-6 policy. An HO-6 is the insurance that covers the interior of your unit, since the HOA’s master policy covers the building. Taxes and insurance here are estimates and vary by county and carrier.
- At 6.500%: $1,991 + $400 + $250 + $50 = about $2,691 per month.
- At 6.875%: $2,069 + $400 + $250 + $50 = about $2,769 per month.
Mortgage insurance, which is typical with less than 20% down on a conventional loan, would add to both totals and is not included above.
Because lenders count HOA dues in DTI, the $400 fee does real damage to buying power. At the 6.500% payment factor, $400 of monthly dues takes up room equal to roughly $63,000 of loan amount. Some condo loans also carry pricing adjustments for lower down payments or non-warrantable status. Ask for those adjustments in writing rather than assuming an amount. For current market context, Freddie Mac’s Primary Mortgage Market Survey publishes weekly average rates, though your rate will differ.
Why does a broker shop condo financing differently than a single lender?
Condo approvals vary by lender, so a broker with access to hundreds of wholesale lenders can route a file to one whose overlays fit that project. Overlays are a lender’s own rules layered on top of Fannie Mae and Freddie Mac standards. One may balk at a building with 60% investor ownership while another accepts it.
A retail lender offers only its own products and applies only its own overlays. If your condo fails that single set of rules, the deal stalls. A broker compares across lenders, so a project that is a problem at one may be routine at another.
Two terms Duane uses are worth defining:
- NoTouch Credit Pull: a soft credit pull mortgage pre-approval. It reviews your credit without a hard inquiry, so it does not lower your score the way a standard hard pull can. It works as a no hard inquiry mortgage pre approval, and it lets you compare options with no credit hit mortgage application risk at the start.
- Dare to Compare: Duane Buziak’s challenge to bring any written quote and have it compared against wholesale options for the same loan type and terms.
That matters for condos because shopping can take longer. You may need to test two or three projects or loan structures. A mortgage pre approval without hard pull lets you do that without stacking inquiries on your report. A soft pull is for the early comparison stage, and a full credit review comes later when you move to underwriting.
How does Duane Buziak compare with Rocket Mortgage and Movement Mortgage on condo loans?
The differences are structural: broker versus retail lender. They are not claims about who offers the lower rate, because rates depend on the borrower, the project, and the day. The table below reflects publicly described business models as of 2026. Verify details with each company before you decide.
| Factor | Duane Buziak (mortgage broker) | Rocket Mortgage | Movement Mortgage |
|---|---|---|---|
| Business model | Mortgage broker placing loans with wholesale lenders | Retail direct lender | Retail direct lender |
| Loan sources | Hundreds of wholesale lenders | Its own loan products | Its own loan products |
| Soft-pull pre-approval | NoTouch Credit Pull, no hard inquiry at the start | Confirm current credit-check practice with the company | Confirm current credit-check practice with the company |
| Condo project flexibility | File can be routed to a wholesale lender whose overlays fit the project | Follows its own condo guidelines and overlays | Follows its own condo guidelines and overlays |
| Specialty programs | Conventional, FHA, VA, USDA where eligible, doctor loans, and non-warrantable condo options through certain wholesale lenders | Program menu set by the company | Program menu set by the company |
| Licensed states | VA, FL, TN, GA, DC, NC, SC, MD | Check NMLS Consumer Access for current states | Check NMLS Consumer Access for current states |
The practical takeaway is narrow. If your condo fits a retail lender’s guidelines, that route can work. If the project is unusual, a broker’s access to many sets of guidelines gives you more ways to close. Compare written Loan Estimates for the same loan type, term, and closing date, and judge by total cost, not by one headline rate.
What steps get a Virginia condo purchase from pre-approval to closing?
The sequence is the same as any purchase, with project review added before you commit. Work through it in this order:
- Get a soft-pull pre-approval. A NoTouch Credit Pull sets your budget with no hard inquiry.
- Choose the loan program. Match conventional, FHA, or VA to your down payment, credit, and the buildings you are considering.
- Make an offer contingent on project approval. This protects your deposit if the building fails review.
- Request the HOA documents. Ask for the condo questionnaire, budget, reserve study, and meeting minutes.
- Order the appraisal. The appraiser values the unit and notes project conditions.
- Move through underwriting. Underwriters review you and the project, and they may ask for more HOA paperwork.
- Close. Compare your final figures to the Loan Estimate before signing.
One practical tip: ask the listing agent at the start whether the project is FHA- or VA-approved, or conventionally eligible. That one answer can rule buildings in or out before you spend money on an appraisal. The CFPB explains how to read the Loan Estimate, and its related pages cover the Closing Disclosure you receive before closing.
The same process applies in Florida, Tennessee, Georgia, DC, North Carolina, South Carolina, and Maryland. Project rules and condo laws vary by state. Florida, for example, has tightened its own condo-building rules, so budget extra time for HOA documents there. Your broker can tell you which state-specific documents to request.
Check the building first, then the rate
A condo loan depends on the project as much as on you. A strong credit profile cannot rescue a building that fails review, and a financeable building makes pricing much easier. Confirm the project, get the HOA numbers into your budget, and compare written quotes for the same loan.
If you are buying in VA, FL, TN, GA, DC, NC, SC, or MD, call 804-212-8663 or start a NoTouch Credit Pull with Lower Mortgage Rates by Duane Buziak. Don’t let uncertainty about mortgage rates cost you thousands. Discover your personalized options with a trusted mortgage professional who can compare rates across multiple wholesale lenders without impacting your credit score. Schedule your free consultation today and take the first step toward the right mortgage solution for your financial goals. Duane Buziak, NMLS #1110647, lends only in the eight states listed above.